Camarillo City Council
AGENDA REPORT
Date: December 11, 2024
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Dave Klotzle, Public Works Director
Subject: Tract 5979 PEGH Investments LLC (terminus of Camino Ruiz and Camino Carillo) – Adopt a Resolution Exonerating Warranty Security
BACKGROUND
Tract 5979 (T-5979) PEGH Investments LLC is located east of the terminus of Camino Ruiz and Camino Carillo within the Mission Oaks Business Park. On March 25, 2020, the City Council of the City of Camarillo approved the final tract map and improvement plans, acknowledged receipt of agreements and securities and authorized staff to process all documents. On March 8, 2023, the City Council of the City of Camarillo accepted public improvements and reduced performance security as warranty security. The project location is shown on the attached map (Attachment 1).
DISCUSSION
T-5979 has now been completed to the satisfaction of the City Engineer and the warranty security has been held for the required period. The following warranty security may be exonerated: Pacific Western Bank Certificate of Deposit No. 166763 in the amount of $337,113 for streets, removals, drainage, and monuments.
FISCAL IMPACT
There is no fiscal impact as a result of this action.
RECOMMENDATION
Adopt a Resolution exonerating the warranty security for T-5979 PEGH Investments LLC.
ATTACHMENTS
1. Location Map
2. Resolution
REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None